Barely a week after news broke that Flutterwave had hit a new milestone by raising over $170 million in its Series C funding, which effectively raised the company’s value above the unicorn mark of $1 billion, the African payments fintech start-up has now announced more great news in store. Today, Flutterwave begins its partnership with global online payments merchant Paypal, in order to make accepting and making e-payments easier for businesses within Africa. According to a statement by Flutterwave, the integration with PayPal will be live and operational across 50 African countries and worldwide.
Today, we are announcing an important step towards achieving our mission and goals. We @theflutterwave have collaborated with @PayPal to allow businesses in Africa receive payments from over 377 million @PayPal users all over the world. pic.twitter.com/h0tDPIOGwd
— GB 🦋 (@TechProd_Arch) March 16, 2021
Launched back in 2016 as a Nigerian and U.S.-based payments company with offices in Lagos and San Francisco, Flutterwave helps businesses build customisable payment applications through its meticulously crafted APIs. It has since grown to become one of the fastest-growing payments companies in the world, providing an unsinkable payments infrastructure to connect Africa to the global economy According to reports, Flutterwave says more than 290,000 businesses use its platform to carry out payments and it boasts of an impressive clientele of international companies, including Booking.com, Flywire, and Uber.
Flutterwave CEO Olugbenga Agboola said the new partnership reinforces the Nigerian company’s vision of “creating a seamless digital payments system for Africa’s business communities that can now transact with international consumers.” Before now, PayPal was only functioning in 12 African countries including Algeria, Botswana, Egypt, Kenya, Lesotho, Malawi, Mauritius, Morocco, South Africa, and more. However, this landmark move will make the payment service available across more African nations rolling out to businesses and SMEs first.
For African e-commerce businesses, this move is pretty significant, as it will create an ease of business for the continent’s booming private industries, as well as connecting them with more than 377 million Paypal users globally. Rather than make their entry into the continent by themselves, PayPal has chosen to partner with an existing company whose expertise and experience in the African market will be key to potentially overwhelming success. Congratulations Flutterwave.
Pay with Paypal is now available on Flutterwave! 🦋😁
All Paypal users can now pay African businesses from anywhere in the world, on our gateway. We’re excited to be opening up a world of opportunities for businesses in Africa!
— Flutterwave (@theflutterwave) March 16, 2021
To find out more about how the Flutterwave and Paypal partnership will work, read more here.
Featured image credits/Flutterwave